Saved Help Save & Exit Su Bloomington Inc. exchanged land for equipment and $3,900 in cash. The book value and the fair value of the land were $104,600 and $89,800, respectively. Assuming that the exchange has commercial substance, Bloomington would record equipment and a gain/(loss) on exchange of assets in the amounts of a. b. C. Equipment $ 85,900 $104,600 $ 85,900 Gain/(loss) $ 3,900 $ (3,900) $(14,800) None of these answer choices are correct.